POOR KNOWLEDGE IN TRADING
A trader should be well prepared and have a good qualified recommended experience before starting a live Forex account. Many new beginners traders don't take time to learn what drives currency rates. A trader should learn everything about the Forex markets, including the geopolitical and economic factors that affect a trader's preferred currencies. Traders need to be well prepared to adapt to changing market conditions, regulations and world events.
NO TRADING PLAN
A trading plan is most important before starting a trading. A trading plan is a blue print for trading success. A trader must have a plan to work, and always work your plan. And no matter what your emotions are telling you to do, don’t deviate from it.
PRACTICE DEMO ACCOUNT
Before trading in a live account one should use a demo account because it helps traders to know and gain a rich experience in trading without risking anything. The most important benefit of a practice account is that it allows a trader to become adept at order entry techniques.
OVERCONFIDENT OR BEING TOO SMART
When trader makes profit in the trading then naturally traders became overconfident because overconfident is just an emotional part of the Forex market trading so any trader can not do away with emotion since emotion is just part of the trading. A trader should be aware of this and try to have patience at this condition. Being overconfident can be dangerous, because overconfident traders foolishly take too much risk and can lose everything. A trader must know Having No Confidence Is Better than Being Overconfident.
TAKE TIME TO FIND A RELIABLE BROKER
While opening a Forex account the funds we deposit may be unsafe with the brokers and might be lost or stolen. So the first thing the trader must do is to track the record of brokers and which broker to choose and which of the brokers are reliable, and which are not. Traders should also research each broker's account offerings, including leverage amounts, commissions and spreads, initial deposits, and account funding and withdrawal policies.
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